FG moves to achieve $10 per barrel oil production cost tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.
FG sets below $10pb production cost target for oil industry
On
By Obas Esiedesa
The Federal Government has set a target of $10 or less per barrel production cost for Nigeria’s oil industry. The Minister of State, Petroleum Resources, Chief Timipre Sylva, who spoke on Tuesday at the launch of the Nigerian Upstream Cost Optimisation Programme, NUCOP, said it has become critical that current average cost of below $30 per barrel for Joint Venture production and below $20 per barrel for Production Sharing Contract, PSC, was lowered.
He stressed that lower production cost was needed in order to keep the oil and gas industry afloat.
Hindustan Oil Exploration Company (HOEC) has reported a steep fall in consolidated net profit to Rs 8.40 crore for the third quarter of financial year 2020-2021. The company had reported a Rs 53.61 crore consolidated net profit in the same months of financial year 2019-2020. Consolidated total income reported a near 45 per cent decline to Rs 30.51 crore in the quarter under review, from Rs 55.16 crore in the comparable months of the previous financial year. In a statement to the exchanges, HOEC said that it had got an extension to continue production up to April 4, 2021 by the Government of India (GOI) in the PY1 block. The addendum to the Production Sharing Contract (PSC) for a 10-year extension is currently being processed for execution by the centre.
Share
WITH the country bogged down by an avalanche of challenges on all fronts, many argue that the National Assembly ought to serve as a pathfinder because of its statutory functions. OSARETIN OSADEBAMWEN and KEKINDE AKINTOLA write on the unfinished business of the National Assembly as the members reconvene for the 2021 legislative calendar after their Christmas break.
PUBLIC perception of the ninth National Assembly is a major subject of discourse across the country. Though there is no consensus on how most Nigerians rate the current legislature, quite a number of the citizens are suspect on the relationship between the executive arm of government and the National Assembly. Some believe that the latter has almost compromised on its statutory function as the main watchdog to keep the executive in check. In other words, it has not adequately acted to guarantee checks and balances in the scheme of things. But, the president of the Senate, Ahmad Lawan, has insisted that the